Core Viewpoint - A class action lawsuit has been filed against SeaStar Medical Holding Corporation for allegedly making false and misleading statements regarding its business and compliance policies during the class period from October 31, 2022, to March 26, 2024 [1][7]. Company Overview - SeaStar Medical initially operated as a special purpose acquisition company (SPAC) named LMF Acquisition Opportunities, Inc. before merging with Legacy SeaStar Medical, Inc. [2][3]. - The merger was completed on October 28, 2022, resulting in the formation of SeaStar Medical Holding Corporation, which began trading on the Nasdaq under the ticker symbols "ICU" and "ICUCW" [6]. Merger and Business Prospects - The merger was announced on April 22, 2022, with an enterprise value of approximately $85 million attributed to Legacy SeaStar, which focuses on developing therapies to reduce inflammation in vital organs [4]. - Legacy SeaStar's Selective Cytopheretic Device (SCD) was highlighted for its potential in treating pediatric acute kidney injury (AKI), with plans to submit an application for FDA approval under the Humanitarian Device Exemption [4][5]. Allegations and Compliance Issues - The lawsuit alleges that SeaStar and Legacy SeaStar had deficient compliance controls related to the HDE application, leading to overstated regulatory prospects for the SCD [7][8]. - It is claimed that the company downplayed deficiencies in its financial controls and failed to properly account for certain financial instruments, which may result in the need to restate financial statements [8][10]. Stock Performance and Market Reaction - Following the announcement of the FDA's rejection of the HDE application on May 9, 2023, SeaStar's stock price fell by 39.69%, closing at $1.17 per share [9]. - On March 27, 2024, the company announced it would restate its financial statements, leading to a further decline in stock price by 4.84%, closing at approximately $0.71 per share [10].

The Complaint alleges that Defendants failed to disclose that: (i) SeaStar and/or Legacy SeaStar had deficient compliance controls and procedures related to the HDE Application; (ii) accordingly, there were deficiencies with the HDE Application, the FDA was unlikely to approve the HDE Application in its present form, and the SCD's regulatory prospects were overstated; (iii) the Company had downplayed the true scope and severity of deficiencies in its financial controls and procedures, while overstating Defe ...

LOS ANGELES, July 9, 2024 /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against SeaStar Medical Holding Corporation ("SeaStar" or "the Company") (NASDAQ: ICU) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission. If you are a shareholder who suffered a loss, click here to participate. The class, in this case, has not yet ...

For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003. The complaint alleges that during the class period defendants failed to disclose that: (i) SeaStar and/or Legacy SeaStar had deficient compliance controls and procedures related to the HDE Application; (ii) accordingly, there were deficiencies with the HDE Application, the FDA was unlikely to approve the HDE Application in its present form, and the SCD's regulatory prospects were overstated; (iii) the ...

NEW YORK, July 08, 2024 (GLOBE NEWSWIRE) -- Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Seastar Medical Holding Corp. ("Seastar" or "the Company") (NASDAQ: ICU; ICUCW) and certain of its officers. Class Definition This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acq ...

If you bought shares of SeaStar between October 31, 2022 through March 26, 2024, and you suffered a significant loss on that investment, you are encouraged to discuss your legal rights by contacting Corey D. Holzer, Esq. at cholzer@holzerlaw.com, by toll-free telephone at (888) 508-6832 or you may visit the firm's website at www.holzerlaw.com/case/seastar-medical-holding/ to learn more. The deadline to ask the court to be appointed lead plaintiff in the case is September 3, 2024. CONTACT: Corey Holzer, Esq. ...

DENVER, June 11, 2024 (GLOBE NEWSWIRE) -- SeaStar Medical Holding Corporation (NASDAQ:ICU), a commercial-stage medical device company developing proprietary solutions to reduce the consequences of hyperinflammation on vital organs, announces that its patented, cell-directed, extracorporeal Selective Cytopheretic Device (SCD) is being featured in two presentations at the 42nd Vicenza Course AKI-CRRTECOS and Critical Care Nephrology conference today, June 11, 2024. The International Vicenza Course – a scienti ...

Core Points - SeaStar Medical Holding Corporation has appointed three new members to its Board of Directors, enhancing its leadership team as it transitions to a commercial-stage company [1][2][3] - The new directors are Jennifer A. Baird, Bernadette N. Vincent, and John Neuman, who bring extensive experience in healthcare and finance [2][3][4] - The company expresses gratitude to departing directors Bruce Rodgers, Richard Russell, and Andres Lobo for their service [2] Company Overview - SeaStar Medical is a commercial-stage medical technology company focused on developing and commercializing cell-directed extracorporeal therapies aimed at reducing excessive inflammation in critically ill patients [5] - The company's innovative technologies are designed to target effector cells that drive systemic inflammation, which can lead to tissue damage and imbalanced immune responses [5]

The SCD's immunomodulatory activity is due to its effects on circulating leukocytes, specifically neutrophils and monocytes, in a low ionized calcium blood circuit. To investigate its mechanism of action, the authors used in vitro blood circuits to interrogate several aspects of the therapy. They found that activated neutrophils adhering to the SCD fibers in its low calcium environment displayed characteristics of evolving cell senescence and were subsequently released and returned to circulating blood. "A ...

The SCD's immunomodulatory activity is due to its effects on circulating leukocytes, specifically neutrophils and monocytes, in a low ionized calcium blood circuit. To investigate its mechanism of action, the authors used in vitro blood circuits to interrogate several aspects of the therapy. They found that activated neutrophils adhering to the SCD fibers in its low calcium environment displayed characteristics of evolving cell senescence and were subsequently released and returned to circulating blood. "A ...